
(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		June 30, 2025
Digital intangible assets (includes $1,344.1 million measured at fair value)	1,432,644		—		2,098		1,434,742
Digital financial assets	—		109,678		—		109,678
Total self-custodied (1)	1,432,644		109,678		2,098		1,544,420

Digital intangible assets (includes $682.2 million measured at fair value)	758,857		—		916		759,773
Digital financial assets	—		195,157		—		195,157
Total held with third parties, including centralized trading platforms	758,857		195,157		916		954,930

Collateral posted with counterparties (2) (measured at fair value)	503,205		—		—		503,205



Digital assets associated with decentralized finance protocols (2)(3)	491,392		64,814		—		556,206
Total digital assets	$	3,186,098	$	369,649	$	3,014	$	3,558,761


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		December 31, 2024
Digital intangible assets (includes $1,480.9 million measured at fair value)	$	1,544,377	$	—	$	75	$	1,544,452
Digital financial assets	—		353,459		—		353,459
Total self-custodied (1)	1,544,377		353,459		75		1,897,911

Digital intangible assets (includes $451.4 million measured at fair value)	523,002		—		20,904		543,906
Digital financial assets	—		1,392		—		1,392
Total held with third parties, including centralized trading platforms	523,002		1,392		20,904		545,298

Collateral posted with counterparties (2) (measured at fair value)	85,874		—		—		85,874





Digital assets associated with decentralized finance protocols (3)	394,328		4,814		—		399,142
Total digital assets	$	2,547,581	$	359,665	$	20,979	$	2,928,225

(1)Includes digital assets subject to sale restrictions, as well as certain digital assets bonded to validator nodes. Excludes digital assets issued by decentralized finance protocols which are self-custodied.

(2)Digital intangible assets posted as collateral under master loan agreements to third parties, for which control has not transferred, supports digital asset and fiat borrowings of $358.3 million and $53.7 million as of June 30, 2025 and December 31, 2024, respectively.

(3)Digital assets associated with decentralized finance protocols collectively support borrowings on these platforms of $120.7 million and $124.9 million as of June 30, 2025 and December 31, 2024, respectively. Decentralized finance protocols typically require borrowers to maintain a loan to value ratio of no greater than approximately 80% and 95%, collateral dependent. Includes self-custodied wrapped digital assets and digital assets held in smart contracts where the Company retains control.


	June 30, 2025
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	17,102	$	1,814,196	$	1,832,368
USDC	263,084,648	263,708		263,005
Ether	90,521	219,824		224,987
SOL	1,098,828	165,717		170,109
HYPE	2,334,213	51,367		91,976
USDG	47,132,455	47,125		47,132
XRP	15,387,541	33,576		34,407
Other	not meaningful	287,618		238,424
Digital assets measured at fair value		2,883,131		2,902,408
Digital assets not measured at fair value	not meaningful	688,717		656,353
Total digital assets		$	3,571,848	$	3,558,761


	December 31, 2024
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	13,704	$	1,335,194	$	1,277,816
Ether	112,248	378,907		373,871
USDC	333,713,029	334,224		333,652
SOL	498,767	73,567		94,288
UNI	5,216,565	71,911		68,922
TIA	9,626,784	17,995		34,116
Other	not meaningful	231,228		195,357
Digital assets measured at fair value		2,443,026		2,378,022
Digital assets not measured at fair value	not meaningful	598,295		550,203
Total digital assets		$	3,041,321	$	2,928,225